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Spanish property market won’t recover before 2011



Country:  Spain

28 May 2009

The residential property market in Spain may not recover until at least 2011, according to the chairman of construction firm Afirma.

Felix Abanades projects that the lack of existing demand for property in Spain and current market slump, will cause at least half of all companies in the industry to fold.

While addressing an industry conference, Abanades, said: “In the short term, in 2009 and 2010, at least 50% of the companies in the sector will be lost and for the rest of us, there will be a shutdown in activity.”


See Also:   Spain


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